The labor market for young college graduates, those ages 25 to 35, is slowly improving, but remains weaker than before the last recession in 2001.If it's any consolation, illegal immigrants are finding it rough too. According to USA Today, a recent drop in illegal crossings is tied to our slow economy, especially in the construction industry, which employs many undocumented workers.
These well-schooled individuals—possessing at least a bachelor's degree, and in some cases, an advanced degree—would be expected to fare better than those without college degrees because demand for their skills should insulate them from labor market fluctuations. However, while their employment levels are higher than those without college degrees, employment trends still indicate that young college graduates have not returned to the wage levels or employment rates just prior to the start of the 2001 recession.
After a slight rise in real hourly wages among young college graduates in 2005, their wages fell again in 2006, continuing an otherwise downward trend since 2001. Hourly wages in 2006 were $23.60, down from $23.86 in 2005 and still below the level of $24.54 in 2001.
Thursday, May 10, 2007
College graduate wages fall
There's good news/bad news for college graduates from the EPI: